Key indicators show promising trends, including a doubling of new listings, reflecting renewed confidence in the market.

Highlights:

1. Steady Interest Rates: Interest rates remained stable, providing a favourable environment for both buyers and sellers.

2. Market Recovery: The market rebounded with an increase in home sales, breaking a six-month decline streak. This positive shift suggests renewed activity and confidence among buyers.

3. Balanced Pricing: Home prices remained relatively flat, creating a balanced market. This equilibrium benefits both buyers and sellers, offering stability and reasonable pricing.

4. Days on Market: The average number of days on the market varied across property types. Single-family detached homes spent 44 days, apartments 41 days, and townhomes moved quickly at 33 days, providing insights into the pace of transactions.

5. Local Insights: If you're curious about how the market is faring in your neighbourhood, contact me for personalized insights and information tailored to your...

A resurgence of activity in Canada’s housing market is expected this spring, with sidelined buyers banking on a drop in interest rates. High Interest rate caused home buyers to push their home buying plans out by about 6 months during the second half of 2023. Canadians have continued to adjust to higher borrowing costs. With Interest rates reaching a tipping point, we could see a brisk spring market. 2023 Fourth quarter highlights:

• Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023 

• Calgary recorded highest year over year price appreciation (10.7%)

• 81% of regional markets posted a quarter-over-quarter decline 

• Approximately 2.2 million mortgages in Canada will be renewing over the next two years.

Read the full 2024 Royal Lepage Market Forecast